Iran Attack on World’s Largest LNG Facility Triggers 26% Surge in Gas Prices

Summary

• Iranian missiles targeted Qatar’s Ras Laffan LNG center, resulting in significant damage to the globe’s premier gas-to-liquids facility.
• Brent crude prices climbed 8.1% to $116.12 per barrel, while Dutch TTF natural gas prices spiked 26.1% to €69.1/MWh.
• Following an Israeli strike on Iran’s South Pars gas field, Donald Trump cautioned that the U.S. would obliterate the site if Iran continues its aggression against Qatar.
• Since the conflict’s inception, oil prices have surged by approximately 50%, with U.S. gasoline reaching a two-year peak of $3.84 per gallon.
• Energy infrastructure in Saudi Arabia, Kuwait, and the UAE also faced drone and missile strikes.

(SeaPRwire) –   Early Thursday, Iranian ballistic missiles struck the Ras Laffan industrial complex in Qatar, hitting a critical global liquefied natural gas center. The strikes ignited fires across several LNG facilities and caused major destruction at the Pearl GTL plant, the largest facility of its kind worldwide.

In the wake of the attacks, Brent crude rose 8.1% to $116.12 a barrel, and Dutch TTF natural gas futures jumped 26.1% to €69.1 per megawatt-hour. Total oil price increases have reached nearly 50% since the start of the hostilities.

The state-owned QatarEnergy has verified the extent of the damage. The news triggered an immediate rush for uncontracted LNG supplies, further inflating prices.

Ras Laffan is a primary supplier of LNG to European markets and major Asian economies, including China, India, South Korea, and Japan. Europe, currently facing low gas reserves after a harsh winter, remains heavily dependent on Qatari exports to offset the loss of Russian pipeline gas.

The absence of strategic reserves in the global LNG market, unlike the oil sector, is contributing to more volatile and rapid price fluctuations.

Additional strikes were reported across the region, with Saudi Arabia confirming drone and missile hits on refining sites in Riyadh and Yanbu. Kuwait also reported a fire at its Mina Abdullah refinery following a drone strike, though the blaze was later brought under control.

Trump Issues Warning Over South Pars Field

President Donald Trump clarified that the United States played no part in Israel’s recent attack on Iran’s South Pars gas field. In a post on Truth Social, he indicated that Israel would refrain from further strikes on the site provided Iran does not escalate further.

Statement from President Trump on South Pars Gas Field: pic.twitter.com/YrjhDdGTxP

— The White House (@WhiteHouse) March 19, 2026

Trump cautioned that any further Iranian aggression toward Qatari LNG infrastructure would prompt the U.S. to “massively blow up the entirety” of South Pars. Following these remarks, oil price gains moderated while stock index futures saw an uptick.

To mitigate domestic energy costs, Trump suspended a century-old shipping regulation. Meanwhile, Vice President JD Vance was scheduled to consult with oil industry leaders on Thursday.

Iranian President Masoud Pezeshkian dismissed the effectiveness of attacks on his country’s energy assets, warning that the resulting fallout could impact the entire globe.

In Iraq, widespread power failures occurred after Iran halted gas exports to its neighbor.

Market Impact as Conflict Reaches Day 19

The ongoing war has restricted most maritime traffic through the Strait of Hormuz for 19 days. On Wednesday, U.S. gasoline prices reached $3.84 per gallon, marking a high not seen in over two years.

Vance characterized the price increase as a “temporary blip,” though retired General David Petraeus noted the resilience of the Iranian regime and its million-man military force.

Iran also launched an attack on Tel Aviv, resulting in two fatalities. In response, Israeli aircraft targeted northern Iran for the first time. The total death toll of the conflict has now exceeded 4,000.

A coalition of foreign ministers from 12 nations has denounced the strikes on energy infrastructure, urging Iran to cease its attacks.